All Forum Posts by: Nick Abbate

Thank you for the responses. A couple more variables.

The guy that I am buying from is setting up an escrow account with the association today. We will be signing paperwork as soon as possible.

He will be paying for the broken front window upfront which I will be getting estimates on. We asked if he could do this because it currently just has a large board on it. We will pay for it on the back end. He said no problem.

This is the third unit in the complex the seller is selling like this, I asked and what I got so far is second hand but I think it kinda of makes sense.

The seller is out of state and the guy that bought the first unit is showing me this property and is like his go between on site, which is no problem he is easy to work with.

The guy that is the liasion told me apparently the Seller got royally screwed here, he bought on the top of the market purchasing all 3 for about 130k each.

The company he bought them through went bankrupt and he had property managers that were not good either. Leaving these 3 units vacant for about 3 years each or some time equivalent.

Usually when these sort of things happen the HOA picks up the tab because the properties are empty encouraging the owner to get people in them or sell them. The HOA didn't do this leaving the Seller screwed again.

After I get all my paperwork signed I want to let the HOA know I am buying the unit and then negotiate the fees down. Is there a certain appraoch I should take?

Will they listen to me on behalf of the current owner?

Or should I hire an attorney for $500 bucks and have him see if he can get it done faster and cheaper? Maybe Prepaid legal?

Any suggestions greatly appreciated.

Thanks

Here is what I am working with, the owner who lives in a different state owns this condo free and clear but owes about 4000-5000 in back HOA fees.

The condo needs about 1500 - $2000 in work. He says as soon as the back hoa fees are paid I own the condo free and clear it is worth on Zillow about 60k. The other ones in the complex have sold for about 15k recently, but thats ok just looking for the equity and ownership.

Its a really nice secure location and gated in a good area. He will take 450/mo to pay for the HOA fees, taxes and the back HOA fees. As soon as those are paid The Condo is mine free and clear.

I will live in it, to save expenses.

My question is after I get this in writing and I have it on paper can I go to the HOA and renegotiate the back HOA fees? Any input would be fabulous.

Thank you, Thank you :D

I kind of have a backwards situation that I am trying to figure out. Maybe somebody can jump in and shed some light on this for me.

I have an opportunity where I can have a potential of 168 leases all signed for 36 months at a minimum for $500 - $550.

Here is the specifics:

Need 20 units on same property first.

Then need an additional 40 units by April need to be in same vacinity

Then need the rest after I get the first building.

The person I am working with will be able to get me grant money to purchase additional buildings so it doesn't need to be paid back. Because there is a non profit involved here too. The properties will all be for americans with disabilities.

Need private money for first building and seller financing. I will pay whatever I need in interest.

Thanks for your input. :wink: :wink:

In my extensive researching I saw something the other day where a guy was selling a $1,000 package and figured maybe I could get the answer here.

Here's what he said "as a bird dog there is a way to get an investor to give you access to certified funds and even the deposit. Through a 3rd Party Bidder Agreement, or a JV Rehab & Resell Form."

Can anybody clarify for me how this would work as a bird dog?

Thank you

How can I make a deal of two properties I will be living in one, renting the other, they are condos. My dilema is we dont have good credit but make an income that will be transfering with us. I have almost nothing to put down but, I am willing to pay double digit interest for a year with a split of the cash flow or should I not do this? Any suggestions or if you are interested please hit me back. I have less then 30 days to pull this off so please respond as fast as possible.

Thanks

Worked it out thanks everybody there was more to the story that I didn't know about.

Heres what happened. I called on a 3 condo package and the agent tried for over a half hour to try to get me to want to buy something else and not the one I called which I really want. Is this legal and what recourse if any do I have? :D

Dear John,

Thanks for responding, I am trying to figure that out as far the actual value of the properties. I am not 100% sure as the value of the properties. Because of the zoning it will be commercial and retail along with residential. Is there a tip somebody or you can give me as far as finding the true value. I don't see it being a problem for somebody to pay I'd say about 850k to 1 million its location is amazing.

What did you mean by some other costs? Still new in the commercial arena but learning fast. I have a real estate background so I should be able to get this pretty quick.

Should I ask a real estate agent to comp it out for me? After I have it under option, I have a verbal already, just scheduling to do the paperwork and game plan with Seller.

Thank you

Here are the property details:

The houses are two separate tax parcels totaling roughly 4.5 acres. The property has a footprint that lends to further development. It has neighborhood business zoning to it, making it the last piece of property to the south west with a retail listing.

It is also rated with Light industrial, office professional, commercial, and residential....everything but the kitchen sink!!

This property is across the street from a Fred Meyer and a Red Robin. There is two houses at the moment on the property 1 is a burn house and the other has an income of $900.00 a month

The leasable square footage for the ground level is 5-6 thousand square feet and you are able to build 3-4 stories up, and tuck under parking, without huge amounts of wetlands mitigation. You would be able to get more with higher mitigation's. (The back end of the property has wetlands on it)

There is an easement for the sewer and there is a wait for the line to come in with hook up stubs. Previous assessments on the property's came in at $430K and $440K.

I am not sure where my Seller got his numbers from as far as $430k and $440K.

The actual assessments according to the tax records are $237,800.00 and $242,000.00.

The Seller wants 650K for both properties combined. The Seller said that he needs an idea of, if he wants too much. To maybe bring him a little closer to actual market value.

The Seller said I could market the property for whatever I want as long as when offers come in he gets what he wants.

I would like to make about 26k -36k on this deal.

Any suggestions? How to do this? I would be able to get the option for propbably 60 - 90 days.

Thanks for your advice. :D

I appreciate everybodys input and I will try to see what I have been doing wrong. I will try all avenues of correction and let y'all know how it turns out. Thanks again for all the help.

Nick :D